Note: With the implementation of the Test Enrollment Services System (TESS), FINRA has stopped using Form U10. We are leaving this post up as to not disturb any saved links; however, please visit our more recent post, (Form U10 and TESS (Test Enrollment Services System), for current information on the topic.
If you’re seeking FINRA registration, you must be employed by or associated with a FINRA member firm. If you are required to take a FINRA examination while associated with a FINRA member firm – or a firm applying for FINRA membership – all examination scheduling should happen via Form U4. But what if you’re not employed by or associated with a member firm, but another regulatory authority has required that you qualify by examination? In such a case, instead of filing Form U4, you must file form U10.
What is Form U10?
Form U10 is the Uniform Examination Request for Non-Form U4 Registered Candidates. As mentioned above, Form U10 is used when a state, self-regulatory, or bank-regulatory agency with which your firm is registered requires a qualification exam.
Eligibility for Registration
Candidates for registration and their firms are responsible for the following:
- Ascertaining specific advice as to which exam is required. This advice must be obtained from the appropriate regulatory authority;
- Providing said regulatory authority with the necessary registration application in accordance with their requirements; and
- Determining what the regulator will require of the candidate and their firm before the agency will provide FINRA with authorization to proceed with processing Form U10 and scheduling the exam.
Submitting form U10
Form U10 may only be submitted online. FINRA provides a sample U10 so that candidates for registration can familiarize themselves with the form. If you are a new user, you will have to register and receive a username and password before you can fill out the form.
You must fill out the personal information section in its entirety, and your personal information must be accurate. If you do not have a Social Security Number, you are required to provide your mother’s maiden name instead. However, if you do have a Social Security Number and choose not to provide it, FINRA will not post your score to WebCRD for usage. You may even be required to re-take the exam to re-qualify.
You will be asked to specify the state, self-regulatory, or bank-regulatory agency that is requiring you to take a qualification exam, then you will select the exam for which you are requesting registration. FINRA requires sponsorship approval by the specified Regulatory Agency before FINRA will approve and administer examination requests. The required authorization must be received within 30 days of submitting Form U10. Form U10 cannot be processed without this approval, and if it is not received within the 30-day time period, the submitted form U10 will be discarded unprocessed.
Form U10 will also be discarded if payment is not received within 24 hours of submitting the form. Examination fees can be paid by credit card and by electronic (ACH) payment. Examination fees cannot be refunded, nor can they be transferred to another individual or to a different examination you would like to take instead.
Scheduling Your Exam
Upon approval, you – and any firm contact you specified – will receive a Notice of Enrollment by email. This email will contain your personal FINRA ID number, which can be used to schedule a testing appointment. Your appointment must be made before your exam window closes. Enrollments are only valid for 120 calendar days, and your expiration date will be listed in your Notice of Enrollment. You may reschedule an exam appointment without a fee a minimum of 10 business days before the examination date. If you reschedule or cancel your exam appointment fewer than 10 business days before your original appointment, you will incur a fee. If you reschedule or cancel your exam within two business days of your scheduled appointment, or if you fail to show up at all, you will forfeit the entirety of your pre-paid examination fee.
To re-enroll after a failed examination, a forfeited enrollment, or an expired enrollment, you must re-submit Form U10 and pay the appropriate examination fees.
To explore other important topics relating to Broker-Dealers, click here.
To explore other important topics relating to Registered Investment Advisers, click here.